Business
SELLAS Life Sciences Reports First Quarter 2022 Financial Results and Provides Business Update
- Enhanced Pipeline with New Asset, GFH009, an In-licensed Next-Generation, Highly Selective CDK9 Inhibitor - - $25 Million of Gross Proceeds from Capital
About this update from Sellas Life Sciences Group, Inc.
[{"type":"text","content":"- Enhanced Pipeline with New Asset, GFH009, an In-licensed Next-Generation, Highly Selective CDK9 Inhibitor - - $25 Million of Gross Proceeds from Capital Raise in April 2022 and $1 Million Milestone Payment Received in May 2022 Add to Cash Balance of $14.3 Million as of March 31, 2022 - NEW YORK, May 12, 2022 (GLOBE NEWSWIRE) -- SELLAS Life Sciences Group, Inc. (NASDAQ: SLS) (“SELLAS” or the “Company”), a late-stage clinical biopharmaceutical company focused on the development of novel therapies for a broad range of cancer indications, today reported its financial results for the quarter ended March 31, 2022 and provided a business update. “SELLAS achieved several key milestones in the first four months of 2022, including expanding our development pipeline and strengthening our balance sheet,” said Angelos Stergiou, M.D., Sc.D. h.c., President and Chief Executive Officer of SELLAS. “We entered into an exclusive license agreement with GenFleet Therapeutics (Shanghai), Inc. (“GenFleet”) granting us exclusive rights for the development and commercialization of GFH009, a highly selective and potentially first and best in class small molecule cyclin-dependent kinase 9 (“CDK9”) inhibitor, across all therapeutic and diagnostic uses worldwide outside of Greater China. We believe that GFH009 is a complementary strategic fit to our overall clinical development plans and provides us with an opportunity to further advance into the market for acute myeloid leukemia (“AML”) therapeutics. GFH009 affords us the potential to treat active AML disease while our lead clinical candidate, galinpepimut-S (GPS), is potentially used in the maintenance setting in AML. The in-license of GFH009 also provides us an opportunity to address a very important pediatric market of soft tissue sarcomas as well as other cancers.” Dr. Stergiou added, “During the first quarter, we continued to advance the Phase 3 REGAL trial for our lead asset, GPS and, in April, we also launched an expanded access program for GPS in response to multiple requests from physicians with which we hope to potentially improve clinical outcomes for patients and their families. Subsequent to the quarter, we fortified SELLAS’ balance sheet with the closing of a public offering with gross proceeds of $25 million. The funds position us to advance our clinical programs for both GPS and GFH009. W...